Chocs asymétriques et bien-être en union monétaire avec marchés ﬁnanciers incomplets
AbstractThis paper shows that financial market incompleteness leads to welfare gains in a monetary union where nominal rigidities and asymmetric shocks do exist. Incomplete financial markets reduce the volatility of the national inflation rates. Welfare gains associated with this decrease are higher than the welfare cost due to the imperfect risk sharing. The net effect is positive and the gains are about 0.05 % in terms of permanent consumption. Classification JEL : E51, E58, F36, F41.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 60 (2009)
Issue (Month): 3 ()
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Find related papers by JEL classification:
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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